WASHINGTON, D.C. — Today, U.S. Representatives María Elvira Salazar (R-FL-27) and Sean Casten (D-IL-06) introduced the Stop Crypto ATM Scams Act, bipartisan legislation to strengthen consumer protections, combat fraud, and help ensure that criminals using cryptocurrency ATMs to target seniors and other vulnerable Americans are held accountable.?
According to the FBI, Americans lost more than $333 million to crypto ATM scams in 2025, a 33 percent increase from the previous year. Older Americans are disproportionately affected. In reported cases where a victim’s age was known, individuals age 60 and older accounted for more than 85 percent of losses linked to crypto ATM fraud.
The Stop Crypto ATM Scams Act would establish new safeguards to help prevent fraud, strengthen transparency requirements for crypto ATM operators, and provide law enforcement with additional tools to investigate…
PROCUREMENT & EXPENDITURE (STOPPING KICKBACKS)
Procurement fraud usually involves inflated invoices or “fictitious” vendors.
- The Three-Way Match: Never pay an invoice unless you have matched the Purchase Order (PO), the Delivery Note (signed), and the Supplier Invoice.
- Vendor Master File Review: Review your vendor list annually. Look for suppliers with the same bank details or physical addresses as your employees.
- Dual Authorization: Implement a “Two-to-Sign” rule for all EFT payments above a certain threshold (e.g., R5,000).
- No “Cashing” of Checks: If you still use physical checks, strictly prohibit “Cash” as a payee and store blank checks in a dual-lock safe.